Pakistan's foreign exchange reserves have crossed the $20 billion mark after the State Bank of Pakistan (SBP) confirmed the receipt of about $1.2 billion from the International Monetary Fund (IMF) under its Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF). In a statement issued on Thursday, the central bank said the IMF executive board, in its meeting on December 8,
Pakistan's automotive market experienced a sharp monthly slowdown in November, with total car sales plummeting 11% to 15,442 units from October's 17,333, according to the Pakistan Automotive Manufacturers Association (PAMA). Despite the monthly dip, year-on-year figures paint a brighter picture, up 592% from November 2024's 10,163 units, buoyed by lower interest rates and moderating inflation t
Russian Ambassador Albert P Khorev said on Thursday that they were exploring alternative banking channels with Pakistan to reduce reliance on Western payment networks. The two countries have long faced problems in making payments. They could not even implement the Pak Stream Gas Pipeline project owing to US and EU sanctions that derailed the entire plan. Pakistan and Russia are now working on d
The federal cabinet has approved the diversion of 45 liquefied natural gas (LNG) cargoes because of shrinking consumer demand in the country. The Economic Coordination Committee (ECC) has already approved the diversion of LNG cargoes. Its decision was tabled before the cabinet in a recent meeting, where the proposal was ratified. Sources told The Express Tribune that summaries titled "Update
The tax machinery on Thursday told Prime Minister Shehbaz Sharif that it may miss the first half-year's downward revised target by Rs560 billion without support from the office of the attorney general, amid a warning by the Ministry of Finance about the implications of a huge revenue shortfall for government expenditure. The meeting on fiscal affairs came a day after the International Monetary